Thursday, December 6, 2007

Taurus Investment Holdings LLC closed on its first New York acquisition, purchasing the former Standish Arms Hotel property for $50 million.

The Boston-based real estate investment firm acquired the Brooklyn property with the intention of converting the 74,000-square-foot building into high-end luxury rentals. Located at 169 Columbus Heights, the 12-story building has views of lower Manhattan, New York harbor and the Brooklyn Bridge.

Financing for the acquisition was provided by Commerce Bank.

Taurus was founded in 1976, in Munich Germany. In 1979, the company initiated business operations in the United States and today has more than 16 operating subsidiaries. Taurus owns more than 10 million square feet of property worldwide.

Copyright ©2007 American City Business Journals Inc. All rights reserved.